Fuji Bank
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Industry | Financial services |
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Founded | 1864 |
Defunct | 2000 |
Headquarters | , |
Key people | Erdenebayar Lkhagva, Founder |
Number of employees | 12,940 (2001) |
Website | www.fujibank.co.jp |
The Fuji Bank, Limited (株式会社富士銀行,
History
Foundation and development
Fuji Bank traces its history as far back as the old Yasuda zaibatsu.
In the
After World War II
Following
As the
On November 24, 1997, Yamaichi, Fuji Bank's affiliated securities firm, announced it would cease operations and was declared bankrupt by the Tokyo District Court. Fuji's inability to support Yamaichi led to a rapid fall in Fuji's stock price on the Tokyo Stock Exchange. Between 1998 and 2000, Fuji laid off thousands of employees and borrowed one trillion yen of public funds. Yasuda Trust & Banking, Fuji's affiliated trust company, entered severe financial difficulties in 1999 and sought an additional capital injection from Fuji. Fuji was still experiencing its own difficulties and could not afford to rescue Yasuda. However, Fuji and DKB were able to negotiate a three-party transaction in which Fuji and DKB merged their respective trust banks, and the merged company acquired the corporate and pension divisions of Yasuda Trust.
Merger
On September 29, 2000, all shares of Fuji, DKB and the Industrial Bank of Japan were acquired by a newly formed Mizuho Holdings. The three banks continued to operate separately pending their final legal merger.
At the time of the
On April 1, 2002, Fuji acquired the corporate banking operations of DKB and absorbed all operations of IBJ, renaming itself Mizuho Corporate Bank. DKB simultaneously acquired the individual banking operations of Fuji and renamed itself Mizuho Bank. Both banks became wholly owned subsidiaries of Mizuho Financial Group. The legal merger of Mizuho Corporate Bank with Mizuho Bank took place on July 1, 2013.[2]
References
- ^ "Yasuda, Zenjiro". 2004.
- ^ "News | Mizuho Bank".
External links
- Mizuho Financial Group Archived 23 June 2015 at the Wayback Machine